Marketing Methods

1.   Explain marketing research process.

·        Come up with an idea or realize a problem

·        Figure out how your going to do it

·        Make it happen



2.   List 3 secondary data sources.



  Internal:

·        Sales figures

·        Customer reports

·        Trend data

 External:

·        Competitor information

·        Government publications

·        Commercial publications





3.   List 3 primary field data sources.

·        Experiments

·        Surveys

·        Observations



4.   Choose one of the primary field data sources.

-Observations



a.   Explain it in more details (3 points)

·        It’s useful to know what people think or what ideas they have about it.

·        Observing their reactions to the product.

·        You can observe under controlled conditions





b.   Explain the advantages & disadvantages (3 points each) 

  

 Advantages:

·        You can see what people do instead of what they say about it.

·        You don’t have to rely on their honesty, you just look at there expressions

·        You can see how to change the product with how people are using it.



 Disadvantages:

·        Takes more time.

·        Does not answer some questions.

·        You can think someone likes it when really they don’t.



1.   What is a micro-environment and list 5 elements

- An environment mostly closely linked to the organization

·        Customers

·        Employees

·        Suppliers

·        Trade unions

·        Competitors



2.   List and describe the four categories of competitor environment.

·        Direct Competitors – Companies that produce a similar product which is a direct rival.

·        Close competitors – Companies that produce similar products.

·        Substitutes- Products that are different but may be bought instead or is more popular.

·        Indirect competition – All other companies are indirect competitors so they compete for consumers’ money.



3.   Define and provide an example from YOUR experiences

a.   Perfect competition

-      Companies selling goods to customers who buy on price alone. For example when you go to a clothing store even though the jeans are different brands they are sold for a similar price.



b.   Monopolistic competition

-      Businesses sell a differentiated goods over which they have monopoly. For example I prefer Starbucks but you could also go to Tim Hortons for coffee, or when I go to Vancouver I like to stay at the Fairmont but the Sutton is down the street.



c.   Oligopoly

-      Competition between a small numbers of companies. For example when I compete in a dance competition were dancing for our studio so all the different studios are competing for more recognition in the dance world.





d.   Monopoly

-      A single supplier. For example when you go to the movie theater you have to buy the food they supply because you can’t bring your own. This manes they can raise the price.





5.   List and describe Porter’s five forces.

·        The intensity of the competition

·        The lack of entry – How easy it is for newcomers to enter the market.

·        Threat of the substitute products

·        Bargaining power of customers –dominant customers will drive down price.

·        Bargaining power of suppliers – dominant suppliers will force up price.



6.   List the 5 main market environment types.

·        Export market

·        Reseller market

·        Consumer market

·        Business market



7.   What is a macro-environment and list 5 elements

-The general environment factors that influence the organization.



·        Marco-economic environment

·        Political environment

·        Social and cultural environment

·        Demographic environment

·        Technical environment


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